The Effect of the Sarbanes-Oxley Act on CEO Pay for Luck Staff Working Paper 2008-20 Teodora Paligorova According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their control – get paid for luck. Content Type(s): Staff research, Staff working papers Topic(s): Labour markets JEL Code(s): G, G3, G38, J, J3, J33, M, M5, M52
June 27, 2008 Flexibility versus Credibility in Inflation-Targeting Frameworks Remarks Mark Carney 7th BIS Annual Conference Lucerne, Switzerland There are two broad classes of arguments for greater flexibility in the design and application of monetary policy frameworks. The BIS has done a great deal of useful work on asset-price targeting in particular and on the complicated interplay between monetary policy and financial stability in general. Content Type(s): Press, Speeches and appearances, Remarks
June 25, 2008 United States Treasury Securities Accepted as Collateral for the Bank of Canada's Standing Liquidity Facility Further to its 12 December 2007 announcement, the Bank of Canada is expanding the list of securities eligible to be pledged as collateral for the Standing Liquidity Facility to include marketable securities issued by the United States Treasury (bills, notes and bonds, including Treasury Inflation-Protected Securities). Content Type(s): Press, Market notices
June 23, 2008 Bank of Canada Announces that Term PRA Maturing on 26 June will not be Renewed The Bank of Canada announced today that it will not renew the $1 billion term PRA maturing on 26 June. Content Type(s): Press, Market notices
June 23, 2008 Real Estate, Mortgage Markets, and Monetary Policy Remarks Sheryl Kennedy Investment Industry Association of Canada Banff, Alberta For many Canadians, one of the most important investments they'll make is the purchase of a house. And for you as financial market professionals, the links between the housing market and financial markets have important consequences. Content Type(s): Press, Speeches and appearances, Remarks
June 21, 2008 Bank of Canada Participation in the 2007 FSAP Macro Stress-Testing Exercise Financial System Review - June 2008 Donald Coletti, René Lalonde, Miroslav Misina, Dirk Muir, Pierre St-Amant, David Tessier Content Type(s): Publications, Financial System Review articles
June 21, 2008 The Role of Credit Ratings in Managing Credit Risk in Federal Treasury Activities Financial System Review - June 2008 Nancy Harvey, Mervin Merkowsky Content Type(s): Publications, Financial System Review articles
June 21, 2008 Financial Market Turmoil and Central Bank Intervention Financial System Review - June 2008 Walter Engert, Jack Selody, Carolyn A. Wilkins In this article, we consider central bank intervention to address financial market turmoil with a focus on the questions of why, when, and how a central bank might intervene. We set out a policy framework and identify appropriate central bank instruments to respond to extraordinary financial market turmoil, consistent with central bank policy goals and functions. Content Type(s): Publications, Financial System Review articles
June 21, 2008 A Model of Tiered Settlement Networks Financial System Review - June 2008 James Chapman, Jonathan Chiu, Miguel Molico Content Type(s): Publications, Financial System Review articles
June 21, 2008 The Effects of a Disruption in CDSX Settlement on Activity in the LVTS: A Simulation Study Financial System Review - June 2008 Lana Embree, Kirby Millar Content Type(s): Publications, Financial System Review articles